VOL. 118 | NO. 146 | Thursday, August 12, 2004
Boyle Moves Ahead on New Development
Company awaits approval to build residential project
By Andy Meek
Boyle Investment Co. is moving ahead with plans to develop
an upscale residential community north of Collierville near the 320-acre Spring
Creek Ranch Golf Course, in a wooded and natural setting that will ultimately
include 500 homes, Boyle officials said.
Boyle vice president Gary Thompson said the company hopes to
receive approval for the first phase of the development from the town of
Collierville and from Shelby County by the end of this month.
Unique attraction. The
company entered into an agreement with the owners of Spring Creek Ranch in 2002
to develop the project on more than 500 acres surrounding the golf course, all
owned by the family of renowned surgeon Dr. David Meyer. And when its
finished, Thompson said the upscale development will be a unique attraction in
the Metro Memphis area.
It will truly be a very special place, he said. Its the
only area in eastern Shelby County and Collierville that will have proximity to
the only premier series Jack Nicklaus golf course in
Robb Meyer, general manager for
the Spring Creek Golf Club, agreed.
I dont think Memphis has had
anything like this before, as far as a full golf course community mixed
with so many different things were going to try to be doing, he said.
Meyer added that club officials plan to bring a charity golf
tournament to the area in the next two years.
Thompson said the development project had been slowed,
however, partly because the company had to work to get sewer aspects of the
project approved. Russell Bloodworth Jr., executive
vice president at Boyle, said the company has been in the planning stages for a
while and that he believes the sewer issues that had been delaying the project
are close to being resolved.
He characterized the project as extremely large.
Its in the 500-acre range exclusive of the golf course,
which is quite large itself, Bloodworth
Thompson did not have a completion date for the project,
which he estimated would require a 10-year buildout. It
really just depends on the market, he said.
Two trust deeds for the 320 acres of the golf course were
each filed in July for $6.8 million, according to the Daily News Public Records
Database, www.memphisdailynews.com. Jim Gardner, who handles accounting for Spring
Creek Ranch, said the filings were due to Dr. Meyer moving ownership of the
property from one of his companies to another in anticipation of the future
real estate sales there.
Gardner added that Boyle is currently designing part of the
residential development and that the company has a few lots already for sale.
Farm land to golf course. The
Spring Creek Ranch Golf Course, which opened in 1999 on
property that was once farm land owned by Dr. Meyer, is situated about five
miles north of Collierville, at 380 South Collierville-Arlington Road, and was
designed by golf veteran Jack Nicklaus. Recently, Nicklaus attended a groundbreaking ceremony for the
courses golf house, scheduled to open in 2005, which is being designed by nationally
known architect James Cutler.
Thompson said that Boyle was likely approached to develop
the project because the Meyer family wanted the company to put as much care into
the development as the family had in developing the golf course, maintaining
the aesthetic, natural qualities of the area. He said that it has taken a lot
of time for the company to get this far.
Capitalizing on the area. Thompson
added that the completed development will be poised to capitalize on a number
of important factors in Collierville.
In terms of what makes it valuable, if you think long-term,
this will be inside the 385 loop, he said. Private schools are moving out to
this area, and in terms of property values, Raleigh-LaGrange is becoming a very
high area out there. People are spending a lot of money to be out along that
Bloodworth said that Boyle is in
the process of putting a portion of the property that fronts the golf course on
the market, and he added that the entire timetable of the project will be
determined by sales and the economic pace of absorption.
Weve really been dealing inside of the (golf course)
membership at this point, Bloodworth said. I do
think we will be going out and broadening that at the point when were
confident weve given everybody an opportunity thats a club member.
Coming soon. Thompson
mentioned two projects that would be available soon within the development. The
Retreat at Spring Creek Ranch will include about 10 relatively small lots
situated near the entrance of the property, he said.
The main drive that will come in (to The Retreat) will also
be the main drive that gets you into the golf course and golf house, he said.
The Estates at Spring Creek Ranch, which will initially have
five lots, will be south of the current location of the temporary golf house.
Those will be larger lots and have access to
Collierville-Arlington Road, he said. Really these first areas of about 10 to
20 lots are just kind of the first small area. We have plans for the east side
of the golf course.
By the end of the month, Thompson said Boyle hopes to have
received approval for the Retreat at Spring Creek Ranch and the overall sewer
layout for the project.